Man Group axes CEO Peter Clarke

Shareholder worries cause shake up at the top

The boss of listed hedge fund concern Man Group has ditched its chief executive in response to shareholder worries over performance. The Times says Peter Clarke has been axed in favour of Emmanuel Roman who will take over in February. Man has seen funds under management plummet, especially at AHL, its key vehicle. AHL uses "black box" automated trading software to try and make profits regardless of whether markets are rising or falling. Clarke survived a vote at the company's annual meeting when 15 per cent of investors refused to back his $7 million pay, pensions and bonuses package. But Roman, who joined the company two years ago when Man bought rival fund GLG for $1.6 billion, has been building his position and putting lieutenants into key positions the paper says.